EURUSD- Despite an early morning weakness taking EUR to as low as 1.4158 today, the pair remains biased to the upside and still maintains both its short and medium term bullish tone which now leaves a challenge on and clean break of the 1.4250/81 area, which marks its .272 Ext. (monthly chart)/2007 peak. Beyond here will resume its medium term uptrend on hold since Sept 28’07 and target the next technical resistance at its psycho level at 1.4300 followed by the 1.4535 area, its Mar’1995 high. On the other hand, pushing through the key support at the 1.4159/62 zone, its 1.618 Fib Ext (Daily Chart)/Oct 22’95/Sept 25’07 highs will expose the 1.4033/00 area, which represents its Oct 05 & 09’07 lows/psycho level/rising trendline.The former or even the latter is expected to provide support and turn the pair higher but if that fails, the 1.3930/28 area, its .382 Ret (1.3361-1.4281)/Sept 13’07 high and the 1.3681/83 area, representing its April 30’07/Aug 24’07 highs will be targeted. The daily stochastics is positive.Overall, EUR’s medium and longer term outlook point to the upside
| 1.618 Fib Ext (Daily Chart)/Oct 22’95/Sept 25’07 highs |
| Oct 05 & 09’07 lows/psycho level |
| .382 Ret (1.3361-1.4279)/Sept 13’07 high |
| 1.3839/52 | Aug 06’07/July 24’07 high |
| .272 Ext. (monthly chart)/2007 peak |
| Psycho Level |
| Mar’1995 high |
